A new report has found that the world’s biggest economies are paying $633 billion in production subsidies every year to oil, gas and coal companies.

The report by US environmental think tank, Oil Change International and UK humanitarian think tank, the Overseas Development Institute, found Australia is paying $7 billion on average annually in production subsidies to fossil fuel producers.

The report said the amount spent by G20 governments on fossil fuel subsidies was more than three times the amount spent by the world on subsidies to the renewable energy industry.

“The evidence points to a publicly financed bailout for some of the world’s largest, most carbon-intensive and polluting companies,” the report said.

Among G20 countries, Russia topped the list with $32 billion in production subsidies every year, the US paid out more than $28 billion annually, the UK paid $12 billion, Brazil’s annual subsidies were an average of $7 billion and China gave just over $4.2 billion to oil, gas and coal firms.

Japan had the largest level of public finance for fossil fuel companies with US$26 billion in funding annually.

China was second with $23 billion. Chinese state owned enterprises invested $107 billion a year on average in fossil fuel production.